<![CDATA[Driven by a decade-long performance decline in tobacco companies due to rising excise taxes, reduced purchasing power, and illegal cigarette trade, this study examines the financial drivers of corporate value in the Indonesian tobacco sector. The objective is to analyze the effects of Earnings Per Share (EPS), Debt to Equity Ratio (DER), and Sales Growth on Price to Book Value (PBV) of PT HM Sampoerna Tbk from 2016 to 2025. This associative quantitative research employs multiple linear regression analysis on secondary financial data processed via SPSS 27. The empirical results reveal that partially, EPS has no significant effect on PBV (t-count -1.288 < t-table 2.446, sig. 0.245 > 0.05). DER exhibits a negative and significant effect on PBV (t-count -4.902 > t-table 2.446, sig. 0.003 < 0.05). Sales Growth has no significant effect on PBV (t-count -0.952 < t-table 2.446, sig. 0.378 > 0.05). Simultaneously, EPS, DER, and Sales Growth significantly influence PBV (F-count 44.380 > F-table 4.76, sig. 0.001 < 0.05), contributing 93.5% to the total variance. These findings imply that corporate capital structure is the primary determinant of market valuation.]]>
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